Financial Wellness

Taxes and Certificates of Deposit: What You Need to Know 

When do we not think about taxes? We certainly think about taxes when we consider how we invest our money. And taxes are also top-of-mind at the end of the calendar year.    Certificates of Deposit (CDs) have gained popularity this year, given their low risk and high return relative to other options. But as you …

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Longer CDs Lower Rates

Highest Rates Don’t Always Mean the Highest Return, Especially in the Current Rate Environment

As the Federal Reserve’s forecast for rate cuts was pushed further into the year, savers continue to have plenty of high-rate CDs to choose from, generally with shorter terms. But are they the better savings choice in the long run, given that economists expect cuts later this year? Short-term CDs (1 year or less) may …

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CD Special Offers

Don’t Get Blindsided by High CD Rates – What to Know About CD “Specials”

Promotional offers or some may say “specials” for certificates of deposit (CDs) come with off-standard terms, generally higher rates, and often additional requirements. But before signing on for special CDs, it’s important to be diligent, read the fine print, and understand your agreement. This can help alleviate any surprises.   CD “Special” Offers  New Money  As …

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FDIC Insurance Trust Accounts Update: What You Should Know

Changes have come to effect to Federal Deposit Insurance Corporation (FDIC) coverage. The FDIC adopted a new rule on April 1, 2024, to simplify insurance coverage for beneficiaries, more specifically for formal or informal trust accounts. What does the new trust account rule do? The change combines revocable and irrevocable trusts into one ownership category. …

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early withdrawal penalty

What Is a CD Early Withdrawal Penalty and How Do I Avoid It? 

Certificates of deposit are a safe way to invest your money while earning more with interest rates that are generally higher than your traditional savings account. CDs typically have a fixed-term length and fixed-term rate, with a minimum deposit required to open the account.  But there is a catch. When you open a CD, you …

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Can I Move My RMD into a CD (Certificate of Deposit)?

When to lock in CDs with high rates has been a hot topic now that the Federal Reserve’s efforts to combat inflation may be coming to an end. For retirement account holders who will receive a required minimum distribution (RMD) in 2024, now‘s the time to consider a CD to maximize retirement savings. What are …

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Money Market Accounts (MMAs) vs. Certificates of Deposit (CDs): What’s The Difference?

There are several options to safely store money, but deciding on which option to choose is a little easier when you know you can grow your nest egg while it’s tucked away. Certificates of deposit (CDs) and money market accounts (MMAs) can do just that. They are alternatives to traditional savings accounts and are not …

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Savings Account Vs. CD: Four Strategies to Help You Save More 

No matter what time of year it is, it’s always good to remind ourselves to revisit our spending and budget habits. Whether it be the new year, we’re doing some spring cleaning, preparing for summer trips, or saving for the holidays, it’s not a bad idea to routinely review your budget throughout the year.  Here …

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